Modelportefølje: Endnu en bid af billige Admicom

ADMCMResearch02.04.2026, 09.02

Automatisk oversættelse: Oprindeligt udgivet på finsk 2.4.2026, 07.02 GMT. Giv feedback her.

I dag øgede vi Admicoms vægt i modelporteføljen med 2 procentpoint, hvilket bragte dens vægt i porteføljen op på godt 9 %. Admicom-aktien har været under betydeligt pres de seneste måneder, da tvangssalg fra nordiske small-cap fonde har tynget aktien ud over frygten for kunstig intelligens. Efter vores opfattelse virker truslen fra kunstig intelligens i øjeblikket overdrevet, i hvert fald for nordiske ERP-leverandører. Vi ser den nuværende situation som et klart indgangspunkt, og Admicom har aldrig tidligere kunnet købes til så lave multipler (2026e EV/EBIT 10x).

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Mallisalkku

Admicom operates in the IT sector. The company develops cloud-based services that mainly concern administration, accounting, payroll and project management. In addition to its main business, it offers training and customer support. Its customers are small and medium-sized corporate customers, with the largest operations in construction and industry. The head office is located in Jyväskylä.

Key Estimate Figures26.02

	2025	26e	27e
Revenue	37.7	40.4	44.5
growth-%	6.1 %	7.0 %	10.3 %
EBIT (adj.)	12.0	13.1	14.9
EBIT-% (adj.)	31.7 %	32.4 %	33.4 %
EPS (adj.)	1.93	2.15	2.46
Dividend	0.32	0.40	0.50
Dividend %	0.8 %	1.5 %	1.9 %
P/E (adj.)	21.8	12.4	10.8
EV/EBITDA	16.6	8.5	6.7

Forum discussions

Inderes Admicom Oy - Johdon liiketoimet - Inderes Admicom Oyj | Yhtiötiedote | 12.8.2026 klo 13.30 Admicom Oy - Johdon liiketoimet____________________...

8/12/2026, 11:28 AM

by Gwertheney

In addition to Skanska, there are other big names listed as references, at least SRV and Jatke. Before anyone starts celebrating this, it is...

8/7/2026, 6:28 AM

by Viitasuhi

This information can be found directly on Admicom’s website under the “References” tab. admicom.com Skanska | Admicom kokemuksia Lue asiakastarinastaa...

8/6/2026, 6:12 PM

by äspee

Presumably this, but it’s been quite quiet since then. I don’t know if it’s a question of a project management package, since Estimaatti is ...

8/6/2026, 2:13 PM

by TTTT

I recall that there has been discussion here about those using Admicom or whether large companies use Admicom. I happened to notice that a Skanska...

8/6/2026, 2:10 PM

by Tulokas

In my opinion, for Admicom, a turn for the better will start to show once there is a positive change in new customer sales to larger companies...

7/9/2026, 9:06 AM

by Mikko

Atte has published a new company report on Admicom regarding Q2 We reiterate our buy recommendation for Admicom and our target price of 40.0...

7/9/2026, 5:07 AM

by Sijoittaja-alokas